We believe that good investment research is done with skepticism.

Our research is conducted in-house. Our ideas are generated by studying annual reports, 10-K's, 10-Q's, proxy statements, trade journals, newspapers, and magazines. We also try to speak with as many levels of company management as possible, inspect facilities, research competitors, customers, and suppliers.

We invest in companies with management teams that have integrity, a long-term view, and whose interests are aligned with ours. Our goal is to know our companies better than anyone. We may do research for years before making an investment.